IOUSDT Faces Strong Bearish Pressure Testing Critical Support
The pair on Binance's 1 hour chart is showing signs of bearish momentum after a significant drop from its recent highs The price is currently trading below the 200 period moving average (MA) which is positioned at $2 031 indicating a bearish trend The Volume Weighted Average Price (VWAP) is currently at $1 857 suggesting that the price is below the average traded price further emphasizing the bearish sentiment
The Relative Strength Index (RSI) is at 31 nearing the oversold territory which could indicate a potential bounce but also shows that bearish momentum is still strong The Moving Average Convergence Divergence (MACD) histogram is below the zero line with the MACD line below the signal line, signaling continued bearish momentum
On the 1hour published chart the price is seen hovering around a support zone between $1 60 and $1 70 This zone has been tested multiple times indicating its significance A sustained break below this support could lead to further declines potentially targeting the $1 50 level or lower
Conversely if the support holds there might be a chance for a shortterm bounce back toward the $2 00 resistance level However the overall trend remains weak and any bullish movement might face significant resistance
Disclaimer The information provided in this analysis is for educational purposes only and should not be considered financial advice Cryptocurrency investments are volatile and carry a high risk Always perform your own research before making any investment decisions
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